Part 2 — How to buy and sell your crypto coins?
Where and how to start in the digital currency market
Continuing our immersion into this digital world of possibilities, now that you are familiar with crypto coins, we will teach you how to buy and sell them as well as how to store them safely.
Before starting to explain the process and the items you need, I would like to make you aware that: a transaction in any blockchain network can not be reversed. So, always double check all the data before proceeding, and be careful not to lose your information or send your crypto coins to the wrong wallet address, there is no way to reverse it!
So, to get started in the crypto world, it is important that you have a digital wallet or, as we call it, which is a wallet specific for the cryptocurrency you have chosen. The wallet is the place where you will store your crypto.
Where to store my crypto coins?
You will keep them in a wallet. In general, a wallet is nothing more than an address or an account in a blockchain network.
Usually, the questions at the moment are:
- “Can I buy more than one cryptocurrency?”
- “Can I put them all in the same wallet?”
You may be wondering why and I’ll try to explain it in a simple way.
Each blockchain network (BTC, ETH, LTC, etc.) has its own wallet, where you store your cryptocurrency, as these networks are “still” not interconnected with each other. Therefore you need to have a wallet specific for each type of crypto purchase :(.
However, there are some companies that have created Universal Wallets and applications to solve this problem:
- Ethos — https://www.ethos.io/
- Eidoo — https://eidoo.io/
- Exodus — https://www.exodus.io/
- Cryptonator — https://www.cryptonator.com/
- Komodo — https://komodoplatform.com/
- Jax — https://jaxx.io/
- Coinnomi — https://coinomi.com/
- Mycellium — https://wallet.mycelium.com/
- Among others
They solve this issue by unifying the storage of several types of cryptocurrencies in one place. “How wonderful!”
These applications basically create a portfolio for you on each of the networks they support by integrating security and access to all of them. During this process regardless of which wallet or application you choose, the most important thing to note is:
- The address of your wallets;
- Use strong passwords on all of them;
- Never lose these passwords;
- Store your private keys “Private Key” in a safe place.
It is this information that will allow you to restore your wallet, along with your stored currency and the transactions that you have carried out previously.
Now that you know where to store your crypto coins, we’ll teach you how and where to buy them so that you can begin your journey.
Exchanges plays a key role in this process, as they facilitate the buying and selling of cryptocurrencies. They are the platforms where you make the exchange, they allow you to exchange digital currency into fiat currency and vice versa. There is also another way of acquiring certain crypto coins and it’s called mining, but that’s a theme for another article.
The buying process on an Exchange is:
- You choose an Exchange that you like. Here is a link with a list of Exchanges. — https://coinmarketcap.com/exchanges/volume/24-hour/all/
- Register an account. This process can be simple or complex depending on the chosen exchange. This registration process, quite often, requires more information from you in order to avoid fraud, money laundering, and other illegal practices, making the market safer.
- At this point, the Exchange has created a wallet for you for each of the listed blockchain networks and connected them to your personal account, similar to those applications mentioned above. When you make an exchange on the platform it will show up in your funds in the exchange wallet for that specific currency.
- Once your account has been created and approved, the next step is to transfer money from your bank account to the Exchange. Ready?! You can buy your crypto coins now.
- Once you have acquired the crypto that you want, unless you plan to trade them in the near future, we recommend that you immediately transfer them to your personal wallet that you own the private key to. You don’t have access to any private keys of the exchange wallets.
- If you for some reason want to sell your crypto coins and redeem the value in fiat currency, it is on the exchanges that this transaction is carried out as well. Make sure before you do this that all your bank details are correctly entered in your exchange account for the transfer to be made without any issues.
From now on you can use the addresses of your personal wallets or exchanges to deposit, receive and trade your crypto.
How do I move my coins?
This is the part that I like the most! This is the moment that Gimmer enters the picture. The crypto bots of our platform put at your disposal many resources to give the necessary movement for your currencies. With Gimmer you will be able to take full advantage of the cryptocurrency market even with little or no knowledge.
In the next article I will explain how the Crypto Bot works and how they can help you in your day to day life.